Mylan (MYL): Cutting PT Despite Guidance Reiteration On Generic Visibility Worsening - RBC
- Oil steadies on doubts output cut will end global glut
- Western Digital (WDC) Raises Q2 Outlook
- Dollar edges up vs yen as traders eye ECB meeting for cues
- Foxconn says in preliminary discussions to expand U.S. operations
- Dave & Buster's Entertainment (PLAY) Tops Q3 EPS by 11c, Raises FY Revenue Guidance
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
RBC Capital analyst, Randall Stanicky, reiterated his Sector Perform rating on shares of Mylan (NASDAQ: MYL) and cut his price target to $44 after the company missed 3Q revenue and EPS but reaffirmed full year as well as the 2018E target of $6.00 - 2017 outlook will be delivered at the analyst call in Feb.
The call was focused on generic outlook and MYL's insistence on steady mid-single digit erosion and shelter from peer-related competitive headwinds. The analyst stated "we do think MYL has a more defendable business given breadth, diversification and scale but we also think that (i) 2017 generic sector visibility is worsening in general (with MCK/WMT bid cycle ahead) and (ii) competitive pressures are increasing and that, combined with declining Epipen contribution, will add pressure to MYL's consolidated margin in 2017".
The new $44 PT is down from $48.
Shares of Mylan closed at $38.92 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Susquehanna Upgrades Caleres (CAL) to Positive
- Sigma Designs (SIGM): Revenue Headwinds Drive PT Cut - Baird
- Wedbush Downgrades Synchrony Financial (SYF) to Neutral
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change, Earnings
Related EntitiesRBC Capital
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!